Alabama Statutes
§ 10A-5-5.05 — Purchase of Interest of Member Whose Membership Has Ceased. Repealed in the 2014 Regular Session by Act 2014-144 Effective January 1, 2017
Alabama § 10A-5-5.05
JurisdictionAlabama
Title 10AAlabama Business and Nonprofit Entities Code
Ch. 5Limited Liability Companies
Art. 5Contributions and Distributions
This text of Alabama § 10A-5-5.05 (Purchase of Interest of Member Whose Membership Has Ceased. Repealed in the 2014 Regular Session by Act 2014-144 Effective January 1, 2017) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Ala. Code § 10A-5-5.05 (2026).
Text
Unless the governing documents of a limited liability company or a private agreement provide for the purchase of the interest of a former member whose membership has ceased, neither the limited liability company nor its members shall be obligated to purchase the interest of a former member whose membership has ceased.
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Legislative History
(Acts 1993, No. 93-724, p. 1425, §30; Act 97-920, 1st Ex. Sess., p. 312, §1; §10-12-30; amended and renumbered by Act 2009-513, p. 967, §232.)
Nearby Sections
15
§ 10A-1-1.01
Short Title§ 10A-1-1.02
Applicability of Chapter§ 10A-1-1.03
Definitions§ 10A-1-1.04
Disinterested Person§ 10A-1-1.05
Conspicuous Information§ 10A-1-1.06
Synonymous Terms§ 10A-1-1.07
Signing of Document or Other Writing§ 10A-1-1.08
Short Titles§ 10A-1-1.09
Reference in Law to Statute Revised by Title§ 10A-1-1.10
Reservation of Power§ 10A-1-1.11
Law Governing Filing Entities§ 10A-1-1.12
Entities Not Formed by Filing Instrument§ 10A-1-1.13
Internal Affairs§ 10A-1-2.01
General Scope of Permissible Purposes§ 10A-1-2.02
Prohibited PurposesCite This Page — Counsel Stack
Bluebook (online)
Alabama § 10A-5-5.05, Counsel Stack Legal Research, https://law.counselstack.com/statute/al/10A-5-5.05.